Prime Minister Narendra Modi emphasized the need to link the cooperative movement to the circular economy and promote international collaboration at the ICA Global Cooperative Conference 2024 in Bharat Mandapam, New Delhi. Highlighting the cultural and economic significance of cooperatives in India, Modi noted that India has transformed the cooperative ecosystem over the last decade, including the creation of a dedicated Cooperative Ministry.
He stressed the importance of making cooperative societies multipurpose, contributing to sectors such as housing and banking. India currently has around 200,000 housing cooperatives and plans to establish an additional 200,000 multi-purpose cooperative societies in rural areas. Cooperative banks also play a crucial role, with deposits totaling approximately $144 billion.
Modi underscored the global potential of cooperatives, urging innovation in policies to foster startups and climate-resilient strategies within the sector. He praised women’s contributions, noting that 60% of cooperative members are women. Emphasizing a human-centric approach, Modi highlighted that cooperatives can drive inclusive growth, particularly benefiting the Global South, aligning with India’s vision for equitable global development.
